Repossessed homes increase this season in the UK

First time house buyers in the UK have hit the road running in fear of debt problems. Now mortgage arrears and repossessions are on the rise this month, according to the Council of Mortgage Lenders (CML).

CML said mortgage rationing by banks and building societies will pace on through next year. “Given the continuing economic uncertainties, there is little to encourage buyers,” the CML said in its market forecast for the year of 2011.

Meanwhile, next year 40,000 repossessed houses are to be snatched back, which is up from the estimated 36,000. CML says that they prediction of the repossessions is a modest increase, reflecting the continued pressure on household finances and long-term government cuts.

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